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OPINION

Opinion | How private business can get on the front line of saving affordable housing

Bill Freeman | Opinion
Published 8:00 a.m. CT March 20, 2018

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The Tennessean's yearlong look at Costs of Growth and Change in Nashville series culminates on December 20 with a mini-documentary viewing, photography show and continued discussion led by David Plazas about where Nashville goes next.

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New houses go up along Archer Street in a neighborhood that was once built for affordable housing Jan. 18, 2017.(Photo: George Walker IV / The Tennessean)Buy Photo

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Efforts from key governmental agencies and private industry can make affordable housing thrive.

The U.S. Department of Housing and Urban Development estimates that 12 million households are severely cost-burdened, meaning that paying for their housing eats up more than half of their entire income.

The situation has become such that a person working full-time at minimum wage as the sole breadwinner of their family cannot afford to rent a two-bedroom apartment at fair-market value anywhere in the entire country.

With minimum wage remaining stagnant and housing costs increasing, every city and town has become so expensive that these families cannot survive independently without some form of assistance.

Regardless of your political stance or ideology, it is true that affordable housing is becoming as rare as a member of a nearly extinct species. However, there is hope that efforts to address this problem are making headway. With combined effort from key governmental agencies and private industry, affordable housing can thrive.

A recent example right here in Nashville is proof that we can support the needs of affordable housing in one of the nation’s fastest-growing cities. Old Hickory Towers is a 40-year-old, 11-story tower that provides 217 homes for seniors and physically disabled individuals. With smart and strategic planning with city, state and federal leaders, Freeman Webb is proud to have recently completed the successful $5 million renovation of this property.

Old Hickory Towers is a textbook example of our need to provide stable, safe and secure homes, particularly for senior citizens and people with disabilities. People who fall into these two groups of citizens are especially underserved in Nashville and across the country.

By renovating this property’s safety systems, its living conditions and its energy efficiency, we upgraded, replaced or added safety communication systems, energy efficiency aspects, aesthetic renovations, meeting spaces and cafeteria enhancements. This property is now much more livable and efficient to maintain.

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As we all know, Nashville is growing tremendously. Many people have decided to move here, to the tune of nearly 100 new residents every day. We have kept up this pace for years now, and the reality is becoming painful to those who are seeking an affordable home for themselves and their families.

Homes are worth more today, which is great news for homeowners. It’s not such great news for the people who are working to buy or rent these homes. It is not just the most affluent neighborhoods that are seeing this rapid increase in value.

In fact, we are seeing the reverse. The dramatic rise in home values and rental costs is seen most vividly in the middle sector – neither the poorest nor the wealthiest neighborhoods. We see it every day in Nashville – the modest home that sells for a whopping price that would have been unthinkable only five or 10 years ago.

I’m proud to be in an industry that is working to solve the problem. I am especially proud to be helping to lead a company that is actively seeking real solutions to address these very real concerns.

When Jimmy Webb and I co-founded Freeman Webb in 1979, we never dreamed that we would be able to help as many families as we have been able during the past four decades. We are proud that our company is a leader in our industry.

But we take the greatest measure of pride from the percentage of our apartments that fall into the affordable housing segment.

Over 15 percent of our multi-family units are considered affordable housing—approximately 2,300 of our total 15,000 units.

I am proud that Freeman Webb and those within our city and state are working hard to ensure that affordable housing becomes again a reality for everyone who needs it.

Bill Freeman is the chairman of Freeman Webb Inc., a real estate investment, management and brokerage company based in Nashville, which he co­-founded in 1979.